Jinju City Mayor Jeong Yeong-seok signed a Memorandum of Understanding (MOU) with Myungjin TSR CEO Cho Yong-guk on July 31 at 4:30 p.m. Cho’s company holds high-value technologies, including high-frequency pipe bending technology.
Myungjin TSR plans to invest 20 billion won in the Jungchon Industrial Complex and build a factory on a 26,900 square meter site. The company expects to hire 150 people and generate 300 billion won in annual sales when it goes into full operation in September 2013.
The company is headquartered in Busan and has three subsidiaries in China, in addition to its factories in Busan, Ulsan, and Gimhae. It is a medium-sized enterprise that produces and processes pipes, fabricates steel structures, bends pipes using high-frequency technology, and applies resin lining. The company had annual sales of 1 trillion won in 2008 and employs 339 people.
Myungjin TSR has technical cooperation agreements with Japan for EMPELPIPE and high-frequency pipe bending technology. The company is a promising medium-sized enterprise that holds exclusive domestic technology for bending aluminum pipes.
Jinju City signed the MOU after actively promoting the company’s location and other conditions, as well as the shipbuilding and aerospace industries and related material companies in the surrounding areas,when the company visited the city.
Jinju City expects that the active recruitment of high-tech and high-value technology-holding companies in the Jungchon Industrial Complex will help to revitalize the local economy through industrial information exchange between companies. The city also expects that the investment will create jobs and increase tax revenue, contributing to the revitalization of the local economy.
Mayor Jeong Yeong Seok also emphasized that Jinju City will become a vibrant and dynamic center of the southern region with a new growth engine linked to the Dongnam Economic Region and the Namhae Coastal Sunbelt project when the innovation city construction, the Jungchon Industrial Complex, and other four-corner industrial belts are completed, as well as the opening of the Namhae Coastal Expressway and the Gyeongjeon Line.
The city also promised to actively support Myungjin TSR in its business development.
The Jungchon General Industrial Complex began its second phase of sales on July 28, following the first phase sale in June 2009.
Source: Jinju City
This content is a press release from the relevant agency.
